Gemfields Sells Fabergé to SMG Capital for $50 Million

By Annie Davidson Watson | August 11, 2025

Gemfields is parting ways with one of the most storied names in jewelry.

The gemstone miner has agreed to sell its entire interest in Fabergé Ltd. to SMG Capital, a U.S. investment firm owned by London-based tech entrepreneur and venture capitalist Sergei Mosunov, for $50 million. Gemfields bought Fabergé in 2012.

The agreement with SMG calls for $45 million in cash upon closing—expected Aug. 28—and an additional $5 million in royalties over time, calculated at 8% of Fabergé’s revenue. No regulatory or shareholder approvals are required, making the handover swift by luxury M&A standards.

Fabergé, founded in 1842 and famed for its imperial eggs, currently sells high jewelry, timepieces, and objets d’art through a mix of boutiques, e-commerce, and wholesale partners. For Gemfields, Fabergé provided a marketing vehicle for the colored gemstones it mines in Africa.

The sale comes as Gemfields is doubling down on its core mining operations, with funds from the deal earmarked for a new processing plant at the Montepuez ruby mine in Mozambique and expanded output at Zambia’s Kagem emerald mine. Both projects aim to boost production after a challenging first half of 2025.

“Today’s sale marks the end of an era for us. Fabergé has played a key role in raising the profile of the colored gemstones mined by Gemfields,” company CEO Sean Gilbertson said in a statement. “We will certainly miss its marketing leverage and star power.”

Mosunov, meanwhile, signaled plans to grow Fabergé’s global footprint. “Fabergé’s unique heritage, with ties to Russia, England, France, and the U.S., opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,” he said in a statement.

“As Carl Fabergé said, ‘There is no point in gems if you cannot turn them into a story.’ We feel a deep sense of responsibility and incredible inspiration for the work ahead.”

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